IMch11 - CHAPTER 11 Risk Management and Commercial...

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CHAPTER 11 Risk Management and Commercial Liability Risk COMMON LIABILITY CONTRACT PROVISIONS The Insuring Clause Supplementary Payments Definition of the Insured Exclusions Limits of Liability Claims-Made versus Occurrence Coverage Basic Extended Reporting Period Supplemental Tail Notice COMMERCIAL LIABILITY INSURANCE COMMERCIAL GENERAL LIABILITY Exclusions in the CGL Automobile Product Recall Liquor Liability Pollution Endorsements Exclusion of Specific Accident(s), Products, Work, or Location(s) Vendor’s Endorsement EMPLOYMENT PRACTICES LIABILITY BUSINESS AUTO COVERAGE Risk Management Tips—Commercial Auto PROFESSIONAL LIABILITY INSURANCE Professional versus Other Liability Contracts Medical Malpractice Insurance Insurance Agents’ and Brokers’ Errors-and-Omissions Liability Other Professional Liability Insurance Commercial Umbrella A Profile of a Catastrophic Liability Program 38 KEY TERMS AND CONCEPTS Aggregate limits Broad form property damage liability program
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Business Automobile Policy (BAP) Claims-made policy Commercial general liability (CGL) Commercial umbrella Dramshop exclusion Errors-and-omissions policies Exposure doctrine Extended period of indemnity Extended reporting period Malpractice policies Manifestation doctrine Occurrence policy Professional liability Sistership exclusion Supplemental tail Triple-trigger approach Vendor’s endorsement ANSWERS TO QUESTIONS FOR REVIEW AND DISCUSSION 1. Legal liability insurance means the insurer pays only if the policyholder is legally liable. 2. Aircraft; watercraft; property in the insured’s care, custody, or control; workers’ compensation; failure of product to perform; war; and pollution. 3. Claims-made covers losses occurring after the retroactive date and reported during the policy period. Occurrence covers loss that occurs during the policy period; it may be reported many years later. 4.
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This note was uploaded on 07/04/2010 for the course FIN 319 taught by Professor Briar during the Spring '10 term at Citadel.

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IMch11 - CHAPTER 11 Risk Management and Commercial...

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